Carry Trade Tremors & Leadership Rotation: 2026’s Risk-On Theme Showing Cracks

Today’s market landscape features a multitude of interconnected dynamics playing out across various asset classes, sectors, and time horizons, creating a complex, multi-layered environment that’s highly sensitive to incoming developments. Key elements include: Lingering tremors in the carry trade (particularly visible in USD/JPY volatility), which could disrupt global flows and risk appetite if pressures intensify….